We would love to hear your thoughts about our site and services, please take our survey here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Parkmead have finally registered on Investor Meet Company. Finally seems that there may be something to talk about following results and update. Positive
The government have approved 27 fast track licenses out of the 115 that have been awarded.
PMG's NL production for August averaged 222 boepd...
Production graphs here for those interested:
https://imgur.com/uGIFaU8
So August production figures released....
LDS-A - zero. Zilch. Nada.... nothing.....Oh dear...
Brakel still shut in - zero.
Diever +6% on last month
Geesbrug up, Grolloo down.
Doyle if Gamma East lay directly under Scott then surely it would be CNOOC license ?
What did Tom say about Platypus ?
Dream on Tom
I spoke with Tom Cross last week after trying to contact the company secretary as so frustrated at lack of news. He called me back personally. 'There is no other company in the sector with the upside of Parkmead'. He feels the frustration re share price and feels it himself as the biggest shareholder. He is massively vested and invested. Skerryvore is incredibly well supported with partners Cal and SQZ. Cal are 'awash with cash' and see Parkmead as a strategic partner. Buffet likes Parkmead. I wouldnt be surprised if an offer came from Cal at some point given close working relationship. Two company making deals on the go, one renewable and one gas. Scott partnership also interested in working on Gamma East, which is 100% Parkmead and lies directly under Scott, which has its own drill rig on board. Make of that what you will but its sweet not sour crude. Dutch projects great results but on shore licensing takes time. Its a queueing system. Dutch authorities want the gas and its a considerable result. He couldnt tell me any more for obvious reasons, but said more will be revealed in the results on 17th November. £158million of tax losses to offset is a 'massive asset' Could be used or packaged with an asset or part of asset and sold (Skerryvore) for a big payday
Rob12
🥱
LOL...ran out of space....
Could they....
Could they do a deal....maybe.
TC has a lot of money invested here, though has been pulling out half a mill a year and paying friends and family decent salaries for many years.
To achieve not a lot at the end of the day for shareholders. Those that put into the fund raises years ago must be regretting it bigtime now.
He's close to retiring (and seems reluctant to update any photos to show it!) ...
I'm interested to know if anyone believes there is actually a plan to increase shareholder value here anymore?
(And no, I've not unfiltered the muppets..!)
Stickt2facts, suggest just read through my PMG posts from the last 10 years or more...
Bottom line, I picked a bad 'un.. :-(
PMG was all about Perth, which is now gone (along with a lot of other projects along the way!).
IMHO NL gas was only ever a sideline to keep a little cash coming in to pay TC's salary whilst Perth was developed.
So I guess tthe question is, forget the past...is there any value here now, today...? I'm certainly not putting any more ££ in, but am holding a small free carry now. But I haven't sold out yet.
The fact is that NL gas is now PMG's main asset...and there is little future value with that. They have a minority stake with Vermilion pulling the strings and making all the decisions (and in control of the news flow).
They bought the NL stake many (10+) years ago, hid the fact that there was a royalty on the 3 fields they bought out until last year, and still have not disclosed whether there is a royalty on the Drenthe VI field (Diever, LDS), which is the main producer.
To answer the questions:
PMG have 7.5% in Drenthe VI (LDS/DIV-02) - but have not disclosed if there is a royalty (as there was with the other three fields when they bought in, though never disclosed). Diever DIV-02 has been and is approx 80%+ of the total NL production so pretty important.
See my previous posts for production figures figures from each well. DIV-02 is declining rapidly.
15% in the other three wells/fields.
As far as production rates and the rate at which they are reducing, see my previous posts - there are graphs. Next month's NLog figures will be the interesting ones. Hopefully a full month from LDS-01.
If there is any news on the other fields, you will hear it first from Vermilion, who have a quarterly update.
They have been making 'excellent progress' on Papekop since 2011 when they bought in. There is a 3m euro payment to be made when/if it comes on stream. It was at the same time as Ottoland which was meant to come onstream in 2013...but didn't and never has.... see the 2012 annual report page 56.
PMG report on the NL fields as if they are actively doing something there, and also report gross production figures. In reality they have a very small stake, are passive and the only active thing they have done is hide the royalty payment arrangement from shareholders for years...then announce it as a great deal when they bought it out... hmmmm.
I know I'm repeating myself, but PMG's NL production is around 250 boepd (barrels of oil per day). This is a 300bbl tank:
https://imgur.com/nfDCGFd
Are they going to be a north sea operator - no way.
Are they going to develop Skerryvore - no way. No people to do it and they've never drilled a well or operated a field. If it ever happens they'll have sold it already.
Will they develop a wind farm - not likely given how long it's been since they bought out TC's wife's property (2019) and still haven't even put in planning permission...
Could they
Sticktofacts
Bob is part of a boiler room team anything he replies with I would take with a pince of salt.
Cross has stated his strategic plan for the North Sea it's all there in black and white.
Prelims in 5 weeks all will be revealed !
Rob12 - Thank you for the very informative response, you seem like an investor who deals in facts - Can you help me any further with the following comments/questions from the update from 28/04.
I'm looking for what kind of actual production performance update we can expect in the next update, alongside the numerous development interest/decisions to be made that are ongoing ATM with various timescales -
28/04 RNS - Strong Progress across Netherlands Assets
Drenthe VI -
- LDS-01 well still temporarily shut since April - we have 7% interest.
- DIV-02 Well continues to produce - How much of an interest do PMG have in this well, and is its production level good/ahead do we know?
Drenthe V -
- Large subsurface study ongoing - work to be finished this year to confirm the merits of a potential additional well.
- Existing Geesbrug production well is expected to undergo further work this year to enhance production efficiency
How much of an interest does PMG have in this well?
Is this enhancement to improve or maintain the well at its current level of efficiency do we know? Has this well production efficiency been steady or dropping do we know? Does it need to shut or is it shut now for this work? and if not do we know when it will, and has there been any indication of how long its likely to take?
Andel Va
- Subsurface work continues confirming new opportunities.
- Work to be completed in 2023.
Drenthe IV
- PMG's acquisition historic gas royalty in 2021.
- Means potential compression reactivation on the Grolloo gas field will result in material net benefit to PMG.
Has this been reactivation been done do we know and are we likely to report any material benefits in the next update?
Papekop
- Excellent progress continues to be made on the Papekop development.
- Permitting etc. to be completed over the next year along with detailed engineering before a decision is made.
Again anyone reading this as always please DYOR
-
Lol
The main problems PMG face are:
The lunactic Net Zero "no more" North Sea Oil & Gas licences.
The lunatic UK windfall tax of 75%.
And lastly a degree of over promising or hype over the years from Tom Cross or supporters.
Parkmead has some of the 'lowest hanging fruit' in the North Sea. Skerryvore analogous to Pierce Field. Possibility of working with CNOOC and Scott field partnership in Moray Firth. New deals being worked that will be transformational. No other company with the upside potential of Parkmead. £158million of tax losses which has a very real and significant value. Dutch gas producing revenue and recent discoveries are significant. I wouldn't be surprised if Platypus comes back. Cal are close partners in lots of ways and are awash with cash
Individual well flow rates are publicly available with a lag of approx 3 months:
https://www.nlog.nl/datacenter/prodfigures/fields?lang=en
The next figures (July) will be released around 25/26 October.
PMG will not announce anything other than mid and final year figures.
There has been no news about how they might deal with higher condenate levels - remember that PMG have a minority stake (7.5% in Diever) and all is controlled and managed by Vermiiion). PMG can't announce anything without their consen).
(See my previous posts for production graphs etc).
Can someone help me along please in understanding how this works -
RNS 06/04 - New gas discovery comes on stream - please to announce commencement gas production LDS-01 - Tied to neighboring commercial - *GAS* - production infrastructure - Flow rates suggest material increase daily net production.
RNS 28/04 - Strong progress across Netherlands Assets -
Is this a problem? - Previously announced LDS-01 discovered commercial reserves experienced - *GAS Condensate (Liquid)* - Flow rates significantly higher than expected in addition to excellent dry gas production - Were we tied in to a local - *Dry Gas Facility*.
Once optimal operating regime has been identified (For dealing with condensate liquid?) well will be brought back online - expected to be late May 2023....
Have I misunderstood any of this as no expert and only have the RNS's to work from - Has anyone seen an update or accessed any information since that has clarified how we will be separating and dealing with the condensate high flow rates?
As always please DYOR as these are only my own observations ...
£158 mill of tax losses which can be used as buy in for new projects / jv
Davde - if he can pull something off then great. Acquisition still seems impossible without funding though. Bank finance is extremely difficult.
News soon.....
Yes. Sorry November 17. Very excited about future here. Like Dana at 50p . Just wish I could buy even more!
Are you not a month out ?
Just spoke with Tom Cross. Cant give details but the above is a quote. Very excited. Multiple company makers. Massive value. Looking forward to 17th October results
MRC agree that for Skerrymore that maybe the case but before that "The focus of the Board's acquisition criteria is to seek to add value to shareholders through revenue generation and through the utilisation of Parkmead's significant UK tax losses.". If this strategy works then raising funds will become easier if and when required. Time will tell if TC can pull the rabbit out of the hat or not!